Sometimes a O&G company will post that certain wells IP'd at a certain rate - I think this means initial production rate. How is this calculated? If you take what you read and then found the lease ID and looked at the first month's production - it doesn't match - if you calculate the first three months, and divide by 3 it still doesn't match. How to calculate the IP rate of a well then?
Often, a reported IP is simply a 24 hr rate and sometimes it can be a test for just a few hours that is extrapolated out to 24 hrs. It is only an indication of the potential of the well.
IP is indeed Initial Production rate. Sometimes it can be over a day, week or month average. There is no true standard.
The only thing the IP tells you is that the well is not dry.
Thanks - now this makes sense.
IP is a pretty fuzzy number. it could mean the actual first full day of production, an average of the first full week or month, or perhaps the peak production rate acheived early in the life of a well. As Buddy implies, it’s not much to hang your hat on.
I understand that now - thanks.